Blackstone will buy Centros mall assets

PRIVATE equity firm Blackstone Group will pay about US$9.4 billion for the US shopping mall assets of Australias debt-laden Centro Properties after winning a three-way bidding contest, a source with knowledge of the transaction said yesterday.

Blackstone beat rival bidders including Morgan Stanley Real State, which had teamed up with Starwood Capital Group and New York-based NRDC, the source said.

Blackstone agreed to pay book value for the assets which Centro has valued at around US$9.4 billion, the source said, confirming media reports.

Shares in Centro were earlier placed in a trading halt ahead of an expected announcement about a potential transaction.

Centro narrowed down bidders for the US shopping mall assets to three consortiums, including Blackstone, sources told Reuters on February 9 and the final bids for the 600 US properties were due by the end of February.-Shanghai Daily


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